The 2012 result was achieved on revenue of $588 million, down from $649 million in 2011.

But the results do not include several other entities, including

the group's overseas businesses, which are not required to file financial results with the Australian Securities and Investments Commission.

There are no consolidated accounts, with companies within the group instead retaining profits or losses on their individual balance sheets.

A set of accounts filed by a holding company within the group, Pact Group Industries, values its Australian and New Zealand subsidiaries at $1.2 billion, which is broadly in line with numbers provided earlier this year when Mr Geminder tested the market for a sale to private equity players.

It was the second time Pact has considered a float or sale, with a 2010 effort declared dead by Mr Geminder in November 2011.

Mr Geminder acquired the business from his father-in-law, Richard Pratt, in 2002, and has built it into a powerful Australian packaging empire that employs 3200 people and makes everything from steel drums to plastic laundry detergent bottles under the Pact and VIP Packaging brands.

Pact has also expanded offshore through one of the group's companies, Skyson, which owns a plastic packaging operation in Thailand.

Mr Geminder's empire is supported by a $515 million line of credit provided to main holding company Pact Group by a syndicate of banks, believed to be headed by Westpac. The accounts show it was drawn down by $255 million as of June 30, 2012, falls due in July 2014 and is secured against the assets of at least 15 group companies.

As part of its 2011 restructure, Pact Group reaped a $305 million gain by selling its New Zealand subsidiary, Pact Group (NZ), to another company within the group, Pact Group Holdings (NZ).

In the same year, Pact Group paid a $280 million dividend to its owner, Pact Group Industries, which in turn paid $100 million upwards to Pact Group Holdings.

Pact Group Holdings paid $72 million to its owner Geminder Holdings, which paid $74 million to Mr Geminder's company Salvage.

In 2012, Pact Group Industries paid a $53 million dividend to Pact Group Holdings but the accounts do not record any payment travelling further up the chain towards Mr Geminder.

Pact Group general counsel Nick Perkins said the company would not comment on BusinessDay's analysis.

''On a positive note, we are very proud that we continue to invest in Australian manufacturing, that we lead innovation in packaging and are committed to Australian industry, which differentiates us from many of our peers,'' he said.

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